Press release
Nickel Market Size Projected To Reach $60.69 Billion By 2034 With A Cagr Of 9.1%
Nickel Market
What Is the Projected Growth of the Nickel Market?
There has been a significant expansion of the nickel market size in the past few years. It's projected to grow from a value of $39.09 billion in 2024, to reach $42.78 billion in 2025, experiencing a compound annual growth rate (CAGR) of 9.4%. This remarkable growth in the past can be credited to robust economic development in upcoming markets, heightened infrastructure development, accelerated industrialization, and a surge in the demand for stainless steel.
Strong growth is anticipated in the nickel market size over the upcoming years, with projections suggesting expansion to $60.69 billion in 2029, indicative of a compound annual growth rate (CAGR) of 9.1%. Factors contributing to this growth during the predicted period include heightened urbanisation, escalating demand for electric vehicles, increased government backing, and a rising demand for nickel in automotive batteries. Foreseeable trends within this period involve a concentration on boosting investments in establishing fresh nickel processing plants, implementing new sustainable procurement frameworks to encourage responsible and eco-friendly practices in nickel mining and processing, bringing fresh nickel products to market, and focusing on strategic collaborations, mergers and acquisitions to broaden product or service range and geographical reach.
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What Are the Different Nickel Market Segments?
The nickel market covered in this report is segmented -
1) By Type: Pentlantide (Sulfide Ore), Laterite
2) By Mining Type: Underground Mining, Surface Mining
Subsegments:
1) By Pentlandite (Sulfide Ore): Concentrates, Intermediate Products
2) By Laterite: Ferronickel, Nickel Matte, Nickel Sulfate
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What Are the Primary Drivers Shaping the Nickel Market?
The growth of the nickel market is anticipated to be driven by the increasing adoption of electric vehicles (EVs). EVs, which are cars powered by one or more electric motors that utilize electricity stored in rechargeable batteries, contribute significantly to the escalating demand for nickel. This is particularly true in the context of advanced lithium-ion batteries. For example, the International Energy Agency, an intergovernmental organization based in France, reported in March 2023 that the electric vehicle market saw a significant surge, with sales surpassing 10 million in 2022. In 2022, electric vehicles represented 14% of all new car sales, a notable rise from roughly 9% in 2021. Thus, the uptrend in electric vehicle usage is propelling the nickel market's growth.
Which Companies Are Leading in the Nickel Market?
Major companies operating in the nickel market include Glencore, Vale, Sumitomo Metal Mining Co. Ltd, Erame, Norilsk Nickel Inc., BHP, Anglo American, Pacific Metal Company, Sherritt International Corporation, INDEPENDENCE GROUP NL, Tsingshan Holdings Group, Hindustan Copper Limited, Jinchuan Group International Resources Co. Ltd, Huayou Cobalt Co. Ltd, CNGR Advanced Material Co., Ltd, Rigqueza International Pte Ltd, Jindal Stainless Limited, Vedanta Resources Limited, Alliance Nickel Limited, Western Areas Limited, Jervois Mining, National Aluminum Company Limited, Nicomet Industries Limited, Deutsche Nickel GmbH, Solway Investment Group Limited, Société Le Nickel (SLN), Sumic Nickel Netherlands B.V, North American Nickel, Talon Metals, PolyMet Mining Corp, First Quantum Minerals Ltd, Royal Nickel Corporation, Turnagain Nickel, Lundin Mining Corporation, Wallbridge Mining Co. Ltd, Atlantic Nickel UK, Brazilian Nickel PLC, Mirabela Nickel Ltd, Mubadala Investment Company, Ma'aden, Siyanda Resources, African Rainbow Minerals, Africo Resources, Impala Platinum, Sibanye Stillwater
What Trends Are Expected to Dominate the Nickel Market in the Next 5 Years?
In an effort to solidify their market standing, businesses in the nickel sector are concentrating on launching novel nickel products. Such innovative nickel items are being crafted for use across a range of sectors. For example, TPC Wire & Cable, a company based in the United States that excels in providing industrial automation, auto integrator, and original equipment manufacturers (OEM) with wire, cable, and related accessories, unveiled fresh additions to the Thermo-Trex Line of Wire & Cable in August 2023. The Thermo-Trex 2000 Shielded Multi-Conductor, a multipurpose cable designed for high-temperature power and control functions, can withstand conductor temperatures of up to 450°C/850°F. This cable is flexible and equipped with finely stranded conductors made out of nickel-plated copper, a shielding layer of nickel-plated copper braid, and a unique glass-made outer jacket treated with resistant coatings against abrasion. The Thermo-Trex 2800 RTD Cable, specifically engineered to cater for high-temperature Resistance Temperature Detector (RTD) control and instrumentation applications, can sustain a maximum conductor temperature of 530°C / 1000°F.
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What Are the Top Revenue-Generating Geographies in the Nickel Market?
Western Europe was the largest region in the nickel market in 2024. The regions covered in the nickel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Nickel Market?
2. What is the CAGR expected in the Nickel Market?
3. What Are the Key Innovations Transforming the Nickel Industry?
4. Which Region Is Leading the Nickel Market?
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